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    Megan Christine Alexander • Morgan Stanley

    Megan Christine Alexander's questions to Vital Farms Inc (VITL) leadership

    Megan Christine Alexander's questions to Vital Farms Inc (VITL) leadership • Q1 2025

    Question

    Megan Alexander followed up on the decision to reiterate guidance despite a new price increase, asking if it was a prudent measure to retain flexibility given macro uncertainty. She also asked for an explanation of the strong 38.5% gross margin in Q1 and the expected phasing for the remainder of the year.

    Answer

    President and CEO Russell Diez-Canseco agreed it was a prudent approach to ensure delivery on commitments. CFO Thilo Wrede explained that Q1 gross margin was as expected, appearing lower year-over-year due to an exceptionally efficient prior-year quarter and current-quarter costs from staffing up ahead of growth. He cautioned not to expect similar gross margin levels for the rest of the year due to tough comps, tariffs, and commodity costs.

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    Megan Christine Alexander's questions to Acushnet Holdings Corp (GOLF) leadership

    Megan Christine Alexander's questions to Acushnet Holdings Corp (GOLF) leadership • Q1 2025

    Question

    Megan Christine Alexander of Robert W. Baird & Co. inquired about the decision to pause guidance, asking if it was driven by changes in consumer demand or simply reduced visibility from tariffs. She also requested a breakdown of the tariff mitigation actions and the expected timing for any pricing decisions.

    Answer

    President and CEO David Maher clarified that not updating guidance in Q1 is standard practice for Acushnet and not a 'pause,' reiterating the first-half outlook based on stable consumer behavior. CFO Sean Sullivan detailed the mitigation strategy, confirming that pricing is a last resort. He outlined the primary actions as redirecting sourcing to lower-tariff regions, negotiating with suppliers, and leveraging their diversified supply chain, particularly for golf clubs and FootJoy apparel.

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    Megan Christine Alexander's questions to Mattel Inc (MAT) leadership

    Megan Christine Alexander's questions to Mattel Inc (MAT) leadership • Q1 2025

    Question

    Megan Alexander sought clarification on whether fully offsetting tariff costs was a 2025 or long-term goal and asked about the rationale for pausing guidance, including what visibility is needed to reinstate it.

    Answer

    CFO Anthony DiSilvestro confirmed that the actions taken are designed to fully offset the incremental tariff cost impact within 2025. He clarified that the decision to pause guidance is driven primarily by uncertainty around the consumer demand outlook for the remainder of the year, not the cost impact. CEO Ynon Kreiz added that the situation remains volatile and is still evolving.

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    Megan Christine Alexander's questions to Mattel Inc (MAT) leadership • Q3 2024

    Question

    Megan Alexander asked for clarification on how high-single-digit declines in both POS and retail inventory could align with a smaller 3% decline in gross billings. She also questioned the reason for the lowered top-line guidance, given the unchanged industry outlook.

    Answer

    CFO Anthony DiSilvestro noted that while there can be quarterly volatility, year-to-date gross billings and POS are fairly aligned. He emphasized that retailer inventory is down and of good quality. Regarding the guidance change, he stated there were no specific drivers to call out, but it reflects an assessment of year-to-date results, while still expecting Q4 sales growth and market share gains.

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    Megan Christine Alexander's questions to Smithfield Foods Inc (SFD) leadership

    Megan Christine Alexander's questions to Smithfield Foods Inc (SFD) leadership • Q4 2024

    Question

    Megan Alexander questioned the Packaged Meats guidance, which implies a slight profit decline at the midpoint despite a stated goal of increasing profits, asking for the key puts and takes. She also asked if the strong Q1 outlook for Hog Production would more than offset pressures in other segments, allowing for total Q1 profit growth.

    Answer

    President of Packaged Meats Steve France explained the guidance range accounts for higher input costs and a cautious consumer, which they aim to mitigate through strategies like formula pricing. CFO Mark Hall confirmed that for Q1, the significant year-over-year improvement in Hog Production is expected to offset timing and raw material pressures in the Packaged Meats and Fresh Pork segments.

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    Megan Christine Alexander's questions to Vail Resorts Inc (MTN) leadership

    Megan Christine Alexander's questions to Vail Resorts Inc (MTN) leadership • Q2 2025

    Question

    Megan Alexander sought clarification on the visitation outlook, asking if the company still expects visitation to improve from the current -2.5% level. She also asked for historical perspective on how factors like consumer softness and the Park City strike might impact the upcoming pass sales season.

    Answer

    CEO Kirsten Lynch and CFO Angela Korch clarified that while they expect an improved trend from the current -2.5% season-to-date visitation, they do not expect visitation to turn positive for the full year due to industry demand normalization. Regarding pass sales, Lynch noted the company took immediate action with credits for Park City guests to earn back loyalty and expressed optimism for the selling season.

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    Megan Christine Alexander's questions to Vail Resorts Inc (MTN) leadership • Q3 2024

    Question

    Megan Alexander from Morgan Stanley questioned if high lift ticket prices, not just weather, were impacting demand and asked about Vail's broader pricing strategy. She also asked for an outlook on 2025 visitation, considering weather recovery, normalization, and lower initial pass sales.

    Answer

    CEO Kirsten Lynch defended the pricing strategy, stating it's designed to drive advanced commitment through products like the Epic Day Pass. She believes the 17% decline in lift ticket visitation was driven by conditions and industry normalization, not price, pointing to the network's affordable options at local resorts. Regarding 2025 visitation, Lynch noted it's hard to quantify the ongoing normalization trend but believes the ski industry is returning to a more normalized trend, with more guidance to come in September.

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    Megan Christine Alexander's questions to Life Time Group Holdings Inc (LTH) leadership

    Megan Christine Alexander's questions to Life Time Group Holdings Inc (LTH) leadership • Q3 2024

    Question

    Megan Alexander asked for the rationale behind the updated leverage target of around 2x and inquired about the sale-leaseback strategy, including market conditions for 2025.

    Answer

    Founder, Chairman and CEO Bahram Akradi clarified the target is a 1.75x to 2.25x debt-to-EBITDA ratio, which he deems appropriate for a strong BB credit given the company's substantial real estate assets. He described the sale-leaseback market as 'incredibly robust,' stating plans to conduct $250-$300 million in transactions annually to recycle capital into new growth projects, with an expectation of more favorable cap rates by mid-2025.

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    Megan Christine Alexander's questions to Polaris Inc (PII) leadership

    Megan Christine Alexander's questions to Polaris Inc (PII) leadership • Q3 2024

    Question

    Megan Christine Alexander questioned the progress on dealer inventory reduction, noting her analysis suggested a sequential increase, and asked if destocking might extend into 2025. She also inquired about the retail outlook for Q4 and whether management expects demand to stabilize in 2025.

    Answer

    CEO Mike Speetzen clarified that core ORV inventory is down sequentially when excluding seasonal youth and snowmobile shipments. He reaffirmed the company's commitment to achieving a 15-20% year-over-year reduction by year-end, with the most significant cuts scheduled for Q4. Speetzen stated it's too early to predict a 2025 retail rebound, citing persistent consumer financial stress, and noted the company is positioning for a continued challenging environment by lowering dealer inventory to historic lows in terms of days sales outstanding (DSO).

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